Q 7.40: Bank customers should reconcile their records frequently with to prevent their checks from .

Complete Question:

Bank customers should reconcile their records frequently with to prevent their checks from .

Group of answer choices

A. Bank deposit slips; clearing.

B. Cash receipts; being returned.

C. Bank statements; bouncing.

C. Bank statements; bouncing.

Explanation:

Bank customers should reconcile their records frequently with bank statements to prevent their checks from bouncing.

A bank statement can be defined as an official summary or list of financial transactions, which typically comprises of the amount of money that has been paid into or withdrawn from account by an individual or business entity over a specific period of time.

Generally, a bank statement usually has the following information charges, deposits, withdrawals, including the opening and closing balance for each account held at a given the period.

Hence, it is very important and necessary to reconcile records frequently with bank statements in order to prevent checks from bouncing or becoming void.

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